Determination of reserve prices
Article 194.- Determination of reserve prices
1. Goods sellers must determine reserve prices. In cases where auction organizers are authorized to determine reserve prices, goods sellers must be notified thereof before auctions are posted up.
2. In cases where auctioned goods are objects of pledges or mortgages, pledgees or mortgagees must reach agreements with pledgors or mortgagors on the determination of reserve prices.
3. If the auction is agreed upon in pledge or mortgage contracts but pledgors or mortgagors are absent without plausible reasons or refuse to enter into goods auction organizing service contracts, the reserve prices shall be determined by pledgees or mortgagees.
Article 195.- Notification to persons with rights and obligations related to goods being objects of mortgage or pledge
In cases where goods are objects of pledge or mortgage, auction organizers, simultaneously with posting up goods auctions, must notify persons with related rights and obligations within seven working days before such goods are auctioned according to the provisions of Article 197 of this Law.
Article 196.- Time limit for notification and posting up of goods auctions
1. Within seven working days before a goods auction is held, the auction organizer must post up the auction at the auction venue, the place of goods display and his/her/its head office according to the provisions of Article 197 of this Law.
2. In cases where auction organizers are also goods sellers, the time limit for posting up auctions shall be decided by goods sellers themselves.
Article 197.- Contents of goods auction notification and posting up
A notice and post-up of a goods auction must have all the following contents:
1. The date and venue of auction;
2. The name and address of the auction organizer;
3. The name and address of the goods seller;
4. The list of goods, their quantities and quality;
5. The reserve prices;
6. Necessary information on the goods;
7. The place and time for displaying the goods;
8. The place and time for consulting the goods files;
9. The place and time for registering the purchase of goods.
Article 198.- Persons not allowed to participate in auctions
1. Persons who do not have civil act capacity, lose civil act capacity, or have restricted civil act capacity under the provisions of the Civil Code, or persons who, at the time of auction, are unable to cognize or control their acts;
2. Persons working in auctioning organizations; their parents, spouses and children;
3. Persons who have personally conducted the assessment of to be-auctioned goods; their parents, spouses and children;
4. Persons who do not have the right to purchase auctioned goods as provided for by law.
Article 199.- Registration for participation in auctions
1. Auction organizers may request persons who wish to participate in auctions to register for the auction participation before such auctions take place.
2. Auction organizers may request persons who wish to participate in auctions to make token payments which must not exceed 2% of the reserve prices of auctioned goods.
3. Where persons participating in auctions purchase auctioned goods, their token payments shall be cleared against the purchase prices; if they cannot purchase auctioned goods, their token payments shall be refunded to them right after auctions are completed.
4. Where persons who register for participation in auctions have made token payments but later failed to participate in auctions, auction organizers shall be entitled to retain such token payments.
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State assurance about enterprises and owners of enterprises
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